Nine-owned Fairfax Media has been sent back to the drawing board to redo what a judge called a “very unhelpful” defence to a defamation lawsuit brought by venture capitalist Elaine Stead over articles that appeared in the Australian Financial Review about her role in the collapse of fund manager Blue Sky Alternative Investments.
The funder behind a class action against Westpac over allegedly excessive insurance premiums has confirmed that it will continue backing the case despite earlier concerns it may pull out in the wake of the High Court’s landmark ruling on common fund orders.
AMP will face a class action alleging its financial representatives pushed AMP inflated insurance policies onto 100,000 customers despite knowing that better policies could be found through other providers.
A Gold Coast development property procured through a settlement with a Sydney-based financial advisory firm facing two separate class actions can be sold to recoup losses by investors who sank over $14 million into a property investment scheme, a court has found.
The Federal Court has imposed a penalty of almost $5.2 million on AMP Financial Planning after finding it was “reckless” in its “lamentable failure” to properly respond to a now banned adviser who was churning life insurance for higher commissions.
A Sydney-based financial advisory firm has been hit with a class action by a group of Chinese investors over a property investment and visa scheme that allegedly saw group members lose $14.5 million in funds.
Crown Resorts has successfully challenged a ruling allowing law firm Maurice Blackburn to communicate with 18 formerly jailed employees to gather evidence in its shareholder class action against the casino giant.
The judge who last month approved a $29 million settlement in a consumer class action against Radio Rentals has held that courts have power to order part of a settlement sum to go to charitable causes where distributing the funds to group members is too hard or impossible.
The judge overseeing three class actions against the Commonwealth alleging contamination from the use of toxic firefighting foam at three naval bases has shot down the plaintiffs’ bid for a formal communication reminding two referees of their role in the proceedings.
Companies and other defendants forked over big sums last year to settle more than 20 class actions, with a total of at least $734 million being paid out. Here are the top 10 class action settlements and the law firms and funders that negotiated them.